October 15th signals the end of the round pound coin but thousands of shops are set to ignore the deadline imposed by the Royal Mint.
As of midnight on October 15th the old pound coin will be withdrawn from circulation. This will make way for the brand new 12 sided pound coin. However, shops are set to disregard the deadline to give its customers more time to deal with the change over period.
The Royal Mint introduced the new £1 coin on 28 March to help crack down on counterfeiting. One in 30 of the old version are estimated to be fake.
The Federation of Small Businesses , which represents more than 170,000 businesses, has said companies have embraced the new pound coin as a usfeul way to reduce the amount of counterfeit coins they received. However they also acknowledged that “the changeover period has been fairly short” and that “it would help if small firms knew they were allowed a short transition period to collect the old coins”.
Despite the deadline looming just days away, it’s estimated that 500million old pound coins are still in circulation. So why are shops still giving them back in change?
Shut up and take my money!
A number of shoppers have complained. Despite the overwhelming pressure to remove the old pound coin from circulation, they’re still receiving it in their change.
Tesco claims that it will continue to accept the old pound coin for an additional week to help customers.
In South Devon, several small businesses are still handing them out in change. They’re rejecting the deadline in hope of a smoother change over period.
What to do if you find yourself with an old pound coin
If you find yourself having an old £1 coin after the deadline, the round pound coin can be deposited at most high street banks.
Some banks may impose limits on how many of the old coins they will accept after October 15. However, this should not affect ordinary domestic customers.
Or, if you’d like an excuse to get drunk this week, Revolution will give you a shot for each old pound coin you give them.
Time to get hunting down the back of the sofa!